BDF limited has the following supplies: Supplies at standard rate $5,000,000 Supplies at 0% $3,000,000 Supplies at 25% $2,000,000 Exempt Supplies $5,000,000 The GCT threshold is $10,000,000 Which of the following is correct? BDF limited total supplies is $9,000,000. The company is required to register for VAT BDF limited supplies is $15,000,000. The company is required to register for VAT BDF limited taxable supplies is $7,000,000. The company is not required to register for VAT BDF limited has exempt supplies. The company is not required to register for VAT

BDF limited has the following supplies: Supplies at standard rate $5,000,000 Supplies at 0% $3,000,000 Supplies at 25% $2,000,000 Exempt Supplies $5,000,000 The GCT threshold is $10,000,000 Which of the following is correct? BDF limited total supplies is $9,000,000. The company is required to register for VAT BDF limited supplies is $15,000,000. The company is required to register for VAT BDF limited taxable supplies is $7,000,000. The company is not required to register for VAT BDF limited has exempt supplies. The company is not required to register for VAT

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Manama Corporation started its operations on January 1, 2020. On December 31, 2020, the following information was available for the two construction contracts. Cash Collections Estimated Additional Costs to Cost Billings through 12/31/20 Incurred through 12/31/20 $424,000 Total through 12/31/20 $310,000 Contract Contract No. I No. 2 Price S500,000 450,000 $340,000 400,000 Complete S101,000 400,000 320,000 80,000 If Manama Corporation uses the Cost-Recovery Method: Required 1: For contact No. 1: a. How much gross profit or gross loss should be recognized in 2020, and Why? b. Prepare the necessary journal entry?
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Crane Corporation uses the completed-contract method. At the end of the first year of a $9023000 contract, the following information is available: Costs to date: Estimated costs to complete Progress billings during the year Cash collected during the year $2021000 O $991000 O $247750 O $275000 O $0 6011000 1811000 1536000 In the first year, Crane should recognize gross profit of Crane Corporation uses the co information is available: Costs to date: Estimated costs to complete Progress billings during the y Cash collected during the yea In the first voor Crano should r Snipping Tool Screenshot copied t Select here to mark